Check the combinations on health cover for senior citizens

The 60s are the new 40s. You can stay fit even after crossing six decades of your life by following a routine of exercise, morning walks and eating healthy. Still, at this juncture of life, the fear of failing health persists. And many a time, such fears come true. To overcome such a situation, the solution is health insurance. Medical insurance enables senior citizens to pay for health checkups, emergency medical costs and long-term treatment. It is provided through several private insurance companies and public sector general insurance companies.

The National Insurance Company offers the Varistha Mediclaim Policy for senior citizens. This policy covers hospitalisation and domiciliary hospitalisation expenses, as well as those for treatment of critical illnesses, if opted for. Covered under the latter are coronary artery surgery, cancer, renal failure, stroke, multiple sclerosis and major organ transplants. Paralysis and blindness are covered at extra premium.

The mediclaim policy available through New India Assurance Company allows any Indian between 5-80 years to be insured. This policy provides for cashless hospitalisation in India for the treatment of any illness, disease or accidental injury suffered during the policy period. The payment of claims is made through third-party administrators who have been empanelled by the company.

United India Insurance Company offers a mediclaim policy that covers anyone between the ages of 5-75 years. The policy pays for actual hospitalisation expenses of various types, subject to a maximum of Rs 15,000-5,00,000. This limit depends upon the sum chosen by the insured at the inception of the policy.

General insurance companies like Bajaj Allianz, Star Health (standalone health insurance), and National Insurance, etc, also offer policies especially for senior citizens. Bajaj Allianz–Silver Health cover pre-existing diseases after the first year. Whereas Star Health–Senior Citizen Red Carpet covers pre-existing diseases from the first year itself, subject to co-pay (where insured and insurer have to share the bills).

Senior citizens should consider these parameters before buying a policy:

The policy should cover all pre-existing diseases as soon as possible. To partially take care of these, you can buy Star Health’s Red Carpet plan, which covers all pre-existing diseases but the insured needs to share the bill in a proportion of 50 per cent for the first year for afflictions arising out of pre-existing diseases. 
 

ou can also buy a super top-up policy to enhance the sum assured. This takes effect when you have exhausted your mediclaim limit. Suppose you have a mediclaim of Rs 3 lakh but you want a total cover of Rs 10 lakh. In this case, you can buy a super top-up policy of a sum assured of Rs 7 lakh over the threshold of Rs 3 lakh. So, any medical bill up to Rs 3 lakh could be claimed from Mediclaim and over this from the super top-up. 
 

There are a few policies available in the market which offer co-pay. Co-pay is an amount of the bill that will be shared by the policy holder and the insurance company. Generally, a policy which offers No Co-pay or a nil co-pay is preferred, as the entire amount will then be reimbursed by the insurance company.

Also, before buying a policy, look at the maximum age at renewability. The later the age available, the more beneficial.

The writer is chief editor, www.apnapaisa.com